The Global Automotive Power Electronics Market was worth US$ 3.89 billion in 2022 and is anticipated to reach a valuation of US$ 4.95 billion by 2028 and is predicted to register a CAGR of 4.37% during 2023-2028.

Market Overview:

Automotive electronics are electronic systems used in vehicles, including engine management, ignition, radio, carputers, telematics, in-car entertainment systems, and others. Automotive power electric is the technology of contributing electric power to an automobile, control, and conversion. The power refers to such as bipolar transistors, gallium nitride, and newer silicon. There are three main power electronic components on board battery electric vehicles; an inverter, a DC-DC converter, and an onboard charger (OBC). The automotive electrons are used in an automobile to control automatic wipers, automatic headlamps for automatic bean, automatic climate control, automatic wipers adjustment, and automatic cooling for adjusting the temperature. Modern cars come with some advanced electronic systems that are designed to improve our driving experience. For instance, features like obstacle detection and automatic braking are created to improve safety. Other elements provide entertainment, USB charging, and onboard diagnostics. Power electronic applications are used in every field they are aerospace applications, consumer applications, transportation, and industrial applications and join various industries such as automobiles, aerospace, power system industries, and power supply industries. Power electronics is the part of electrical engineering. Electronics work with low voltage and low current ratings. Power electronics work with high voltage and high current ratings. In electronics, the noise and distortion are high.

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Market Drivers:

The main factor that has considerably increased the manufacturing and sale of pugs in hybrid electric vehicles is to drive market growth. The growing number of charging stations the transportation applications drives the market growth. The rising trend of vehicle electrification is the major factor that drives the market growth. The growing demand for electric vehicles drives the market growth. The increasingly important automotive industry is gradually shifting toward electric and hybrid vehicles to drive market growth. The increasing demand for worthy features in terms of safety and assistance and rapid development in electrical vehicles drive the market growth. The growing demand for advanced safety, convenience, and comfort systems drives the market growth.

Market Restraints:

The high cost of electric vehicles is the major factor to restrain the market growth.


Market Segmentation Analysis:

Automotive Power Electronic Market - By Device:

Power IC
Power Module/Discrete
Based on the device: The hardware segment was recorded as the largest market share in the video conferencing market in 2023 and it is anticipated to grow significantly during the forecast period.

Automotive Power Electronic Market - By Application:

ADAS & Safety
Body Control & Comfort
Infotainment
Telematics
Engine Management & Powertrain
Battery Management
Based on the application: The On-Premises Deployment held the largest share of the video conferencing market in 2023 and it is anticipated to grow significantly during the forecast period.

Automotive Power Electronic Market - By Component:

Microcontroller
Sensor
Based on the component: Large Enterprises held the largest share of the video conferencing market in 2023 and it is anticipated to grow significantly during the forecast period.

Automotive Power Electronic Market - By Material:

Silicon
Silicon Carbide
Gallium Nitride
Others
Based on the material: The Enterprise segment held the largest share of the video conferencing market in 2023 and it is anticipated to grow significantly during the forecast period.

Automotive Power Electronic Market - By Vehicle Type:

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
Based on the vehicle type: The Corporate segment held the largest share of the video conferencing market in 2023 and it is anticipated to grow significantly during the forecast period.

Automotive Power Electronic Market - By Electric Vehicle:

Battery Electric Vehicles (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Based on the electric vehicle: The Corporate segment held the largest share of the video conferencing market in 2023 and it is anticipated to grow significantly during the forecast period.

Market Key Development:

In June 2021, NXP Semiconductors N.V. and TSMC announced the release of NXP’s S32G2 vehicle network processors and the S32R294 radar processor into volume production on TSMC’s advanced 16 nanometers (nm) FinFET process technology. This marks the migration of NXP’s S32 family of processors to increasingly advanced process nodes as automobiles evolve into powerful computing platforms.
Market Regional Analysis:

The Asia Pacific is the largest growing region in the automotive power electronic market and is expected to grow significantly during the forecast period. Asia Pacific has a high availability in countries such as China, India, Indonesia, Malaysia, Australia, and the Rest of Asia Pacific The reason for this dominance of the region is the growth and popularity automotive power electronic market and the increase in the installation of automotive safety technologies in the vehicles and this is likely to create growth in the region’s market. China is the largest market supporting the growth of the automotive power electronic market. There has been rapid growth in the automotive power electronic market in the region leading to global market growth.

North America is expected to be growing lucratively in the automotive power electronic market

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